Goldman Sachs BDC Inc (NYSE:GSBD)

Q1 2025 Goldman Sachs BDC Inc Earnings Call Transcript

May 9, 2025 / 01:00 PM GMT

Release Date Price: $10.82 (+1.79%)

Transcript 8-K10-Q

Key Points

Positve

Goldman Sachs BDC Inc (GSBD) has a strong portfolio with 96% of investments in first lien risk, providing a secure position in the capital stack.
The company has a diversified portfolio with minimal exposure to international supply chains, primarily serving US customers in service-based industries.
GSBD's net investment income per share for the quarter was $0.42, indicating solid financial performance.
The board has enacted a revised dividend structure, including a base dividend and supplemental variable distributions, aligning with long-term earnings power.
The company maintains a healthy net debt to equity ratio of 1.16 times, below the target leverage ratio of 1.25 times, indicating strong financial management.

Negative

The macroeconomic environment remains challenging, with tariffs and potential recessionary impacts affecting deal flow and portfolio performance.
The net asset value per share decreased by 1.6% relative to the fourth quarter, primarily due to special dividends and net realized and unrealized losses.
The portfolio yield declined by 40 basis points quarter over quarter, reflecting a decrease in overall portfolio yield.
Investments on non-accrual status remain a concern, although they decreased slightly to 1.9% of the total investment portfolio at fair value.
The company faces a lack of new M&A activity, with market volatility pushing back the resurgence of new deals.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GSBD.N - Goldman Sachs BDC Inc
Q1 2025 Goldman Sachs BDC Inc Earnings Call
May 09, 2025 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning. This is Austin Eerie, a member of the investor relations team for Goldman Sachs BDC Inc. And I would like to welcome everyone to the Goldman Sachs BDC Inc. First quarter 2025 earnings conference call. Please note that all participants will be in listen-only mode until the end of the call when we will open up the line for questions.

Before we begin today's call, I would like to remind our listeners that today's remarks may include forward-looking statements. These statements represent the company's belief regarding future events that by their nature are uncertain and outside of the company's control. The company's actual results and financial condition may differ possibly materially from what is indicated in

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